Introduction to the Agreement
N.V. Bekaert, a global leader in steel wire transformation and coatings, has secured a 10-year virtual Power Purchase Agreement (vPPA) with First Looks Solutions S.R.L., a Rezolv Energy subsidiary. This agreement will provide Bekaert with 100 GWh of Renewable Energy annually, sourced from the Vifor wind farm in Romania and developed by Rezolv Energy and Low Carbon.
Significance for Sustainability
The agreement marks a crucial milestone for Bekaert's sustainability strategy. By securing 100 GWh of Renewable Energy each year, the company will reduce its carbon footprint by over 41,000 tonnes of CO2 annually. The move supports Bekaert's commitment to environmental stewardship while also setting a benchmark for corporate sustainability in the region.
Vifor Wind Farm project
The Vifor wind farm, situated in Buzău County, northeast of Bucharest, is a key project for Rezolv Energy and Low Carbon. The first phase of the wind farm, expected to be operational by the end of 2025, will have an installed capacity of 192 MW. Upon completion of the second phase, it will boast a total capacity of 461 MW, positioning it as one of largest onshore wind farms in all of Europe.
Financial and Environmental Impact
The Vifor project’s first phase is supported by a loan of up to €291 million, secured by Rezolv Energy and Low Carbon. The infusion of 100 GWh of Renewable Energy will significantly reduce Bekaert's environmental impact, demonstrating the scalability and importance of large-scale Renewable projects.
Corporate Statements
Michael Hamilton, Bekaert Vice President for Commodities, highlighted that this vPPA reinforces the company’s Renewable Energy initiatives and establishes its dedication to a sustainable future. Alastair Hammond, Rezolv Energy CEO, noted that Bekaert’s participation is crucial for the Vifor project's first phase, with the second phase addressing the increasing demand for clean Energy solutions.
Industry Implications
Bekaert’s 10-year vPPA with the Vifor wind farm is an innovative approach to Renewable Energy acquisition. It aligns with global sustainability trends and demonstrates the transformative potential of Renewable Energy partnerships in the industrial sector. This move emphasises Bekaert's commitment to building a sustainable Energy future and setting a positive example for other companies in the region.
